BEIJING, Aug. 30,
2022 /PRNewswire/ -- iQIYI, Inc. (Nasdaq: IQ)
("iQIYI" or the "Company"), an innovative market-leading online
entertainment service in China,
today announced its unaudited financial results for the second
quarter ended June 30, 2022.
Second Quarter 2022
Highlights
- Total revenues were RMB6.7
billion (US$993.8
million1), decreasing 13% year over year.
- Membership services revenue was RMB4.3
billion (US$639.7 million),
increasing 7% year over year.
- Operating income was RMB125.8
million (US$18.8 million) and
operating income margin was 2%, compared to operating loss of
RMB1.1 billion and operating loss
margin of 15% in the same period in 2021.
- Non-GAAP operating income2 was RMB343.8 million (US$51.3
million) and non-GAAP operating income margin was 5%,
compared to non-GAAP operating loss of RMB779.4 million and non-GAAP operating loss
margin of 10% in the same period in 2021.
- Net loss attributable to iQIYI was RMB214.0 million (US$31.9
million), compared to net loss attributable to iQIYI of
RMB1.4 billion in the same period in
2021.
- Non-GAAP net income attributable to iQIYI2 was
RMB78.3 million (US$11.7 million), compared to non-GAAP net loss
attributable to iQIYI of RMB1.1
billion in the same period in 2021.
"We fought against the gravity of macro downturn throughout the
second quarter of 2022 and booked operating profit growth. The
process was extremely challenging, but the result was absolutely
remarkable." commented Mr. Yu Gong,
Founder, Director, and Chief Executive Officer of iQIYI. "In the third quarter, we built important
partnership with Douyin and PAG. This together with the
positive momentum of a series of blockbuster new releases makes us
more confident than ever that we will be able to deliver greater
profit growth in the future."
"Our gross margin expanded in the last three consecutive
quarters, reflecting ongoing gains in the ROI of our content
business. Meanwhile, we kept our spending disciplined and
stabilized total operating expenses in the second quarter."
commented Mr. Jun Wang, Chief
Financial Officer of iQIYI. "We are committed to building a healthy
and sustainable business that generates long-term value for our
stakeholders."
Second Quarter 2022 Financial
Highlights
|
|
Three Months
Ended
|
(Amounts in thousands
of Renminbi ("RMB"), except for per
ADS data, unaudited)
|
|
June
30,
|
|
March
31,
|
|
June
30
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
Total
revenues
|
|
7,608,274
|
|
7,277,059
|
|
6,656,549
|
|
|
|
|
|
|
|
Operating
(loss)/income
|
|
(1,121,811)
|
|
93,413
|
|
125,787
|
Operating
(loss)/income (non-GAAP)
|
|
(779,406)
|
|
326,555
|
|
343,806
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to iQIYI, Inc.
|
|
(1,397,227)
|
|
169,093
|
|
(213,995)
|
Net (loss)/income
attributable to iQIYI, Inc. (non-GAAP)
|
|
(1,065,310)
|
|
162,189
|
|
78,253
|
|
|
|
|
|
|
|
Diluted net
(loss)/income per ADS
|
|
(1.75)
|
|
0.21
|
|
(0.28)
|
Diluted net
(loss)/income per ADS (non-GAAP)2
|
|
(1.33)
|
|
0.20
|
|
0.10
|
Second Quarter 2022 Other
Operating Highlights
- The average daily number of total subscribing
members3 for the quarter was 98.3 million, compared to
99.2 million for the same period in 2021 and 101.4 million for the
first quarter in 2022. The average daily number of subscribing
members excluding individuals with trial memberships4
for the quarter was 97.7 million, compared to 98.5 million for the
same period in 2021 and 100.8 million for the first quarter in
2022.
- The monthly average revenue per membership (ARM5)
for the second quarter was RMB14.53,
compared to RMB13.42 for the same
period in 2021 and RMB14.69 for the
first quarter in 2022, increasing 8% year over year.
Footnotes:
|
[1] Unless otherwise noted, RMB to
USD was converted at an exchange rate of RMB6.6981 as of June 30,
2022, as set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System. Translations are provided
solely for the convenience of the reader.
|
[2] Non-GAAP measures are defined in
the Non-GAAP Financial Measures section (see also "Reconciliations
of Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures" for more details).
|
[3] The
average daily number of total subscribing members for a quarter is
calculated by averaging the number of total subscribing members in
each day of such quarter.
|
[4] The
average daily number of subscribing members excluding individuals
with trial memberships for the quarter is calculated by averaging
the number of subscribing members excluding individuals with trial
memberships in each day of such quarter.
|
[5] The
monthly ARM for the quarter is calculated by dividing our total
revenues from membership services during a given quarter by the
average daily number of total subscribing members for that quarter
and the number of months in the quarter.
|
Second Quarter 2022 Financial
Results
Total revenues reached RMB6.7
billion (US$993.8 million),
decreasing 13% year over year.
Membership services revenue was RMB4.3
billion (US$639.7 million),
increasing 7% year over year, primarily attributable to the
increase in ARM, as we launched a variety of premium content that
elevated user experiences and continued to refine operations to
improve monetization capabilities.
Online advertising services revenue was RMB1.2 billion (US$178.2
million), decreasing 35% year over year, primarily due to
challenging macroeconomic environment, pandemic resurgence, and our
strategy leading to fewer number of variety shows launched.
Content distribution revenue was RMB479.3
million (US$71.6 million),
decreasing 30% year over year, primarily due to the decrease in the
value of cash transactions and barter transactions.
Other revenues were RMB698.4
million (US$104.3 million),
decreasing 37% year over year, primarily due to the soft
performance of various business lines.
Cost of revenues was RMB5.2
billion (US$783.5 million),
decreasing 24% year over year, primarily due to lower content costs
during the quarter. Content costs as a component of cost of
revenues were RMB3.9 billion
(US$578.7 million), decreasing 24%
year over year. The decrease in content cost resulted from our
improvement in content strategy and improvement in operating
efficiency.
Selling, general and administrative expenses were RMB800.6 million (US$119.5
million), decreasing 32% year over year, primarily due to
the decrease in marketing spending, share-based compensation
expenses, and personnel-related compensation expenses.
Research and development expenses were RMB482.2 million (US$72.0
million), decreasing 29% year over year, primarily due to
the decrease of personnel-related compensation expenses.
Operating income was RMB125.8
million (US$18.8 million),
compared to operating loss of RMB1.1
billion in the same period in 2021. Operating income margin
was 2%, compared to operating loss margin of 15% in the same period
in 2021. Non-GAAP operating income was RMB343.8 million (US$51.3
million) and non-GAAP operating income margin was 5%,
compared to non-GAAP operating loss of RMB779.4 million and non-GAAP operating loss
margin of 10% in the same period in 2021.
Total other expense was RMB291.0
million (US$43.4 million),
compared to total other expense of RMB226.4
million during the same period of 2021. The year over year
increase was a combined result of the foreign exchange loss driven
by the appreciation of U.S. dollar against Renminbi, decreased
interest expenses mainly due to the adoption of ASU 2020-06,
Accounting for Convertible Instruments and Contracts in an
Entity's Own Equity and less principal amount of convertible
bond, as well as the fluctuation of other items.
Loss before income taxes was RMB165.2
million (US$24.7 million),
compared to loss before income taxes of RMB1.3 billion in the same period in 2021.
Income tax expense was RMB36.2
million (US$5.4 million),
compared to income tax expense of RMB30.4
million in the same period in 2021.
Net loss attributable to iQIYI was RMB214.0 million (US$31.9
million), compared to net loss attributable to iQIYI of
RMB1.4 billion in the same period in
2021. Diluted net loss attributable to iQIYI per ADS was
RMB0.28 (US$0.04) for the second quarter of 2022,
compared to diluted net loss attributable to iQIYI per ADS of
RMB1.75 in the same period of 2021.
Non-GAAP net income attributable to iQIYI was RMB78.3 million (US$11.7
million), compared to non-GAAP net loss attributable to
iQIYI of RMB1.1 billion in the same
period in 2021. Non-GAAP diluted net income attributable to iQIYI
per ADS was RMB0.10 (US$0.01), compared to non-GAAP diluted net loss
attributable to iQIYI per ADS of RMB1.33 in the same period of 2021.
As of June 30, 2022, the Company
had cash, cash equivalents, restricted cash and short-term
investments of RMB4.9 billion
(US$733.0 million).
Conference Call Information
iQIYI's management will hold an earnings conference call at
7:00 AM on August 30, 2022, U.S. Eastern Time (7:00 PM on August 30,
2022, Beijing Time).
Please register in advance of the conference using the link
provided below. Upon registering, you will be provided with
participant dial-in numbers, passcode and unique access PIN by a
calendar invite.
Participant Online Registration:
https://s1.c-conf.com/diamondpass/10024346-sgdy7f.html
It will automatically direct you to the registration page of "
iQIYI Second Quarter 2022 Earnings Conference Call", where you may
fill in your details for RSVP.
In the 10 minutes prior to the call start time, you may use the
conference access information (including dial-in number(s),
passcode and unique access PIN) provided in the calendar invite
that you have received following your pre-registration.
A telephone replay of the call will be available after the
conclusion of the conference call through September 6, 2022.
Dial-in numbers for the replay are as follows:
International Dial-in
+1 855 883 1031
Passcode:
10024346
A live and archived webcast of the conference call will be
available at http://ir.iqiyi.com/.
About iQIYI, Inc.
iQIYI, Inc. is an innovative market-leading online entertainment
service in China. Its corporate
DNA combines creative talent with technology, fostering an
environment for continuous innovation and the production of
blockbuster content. We produce, aggregate and distribute a wide
variety of professionally produced content, or PPC, as well as a
broad spectrum of other video content in a variety of formats. The
Company distinguishes itself in the online entertainment industry
by its leading technology platform powered by advanced AI, big data
analytics and other core proprietary technologies. iQIYI attracts a
massive user base with tremendous user engagement, and has
developed a diversified monetization model including membership
services, online advertising services, content distribution, online
games, live broadcasting, IP licensing, talent agency, online
literature, etc.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the quotations from management in this announcement,
as well as iQIYI's strategic and operational plans, contain
forward-looking statements. iQIYI may also make written or oral
forward-looking statements in its periodic reports to the U.S.
Securities and Exchange Commission, in its annual report to
shareholders, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about iQIYI's beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: iQIYI's strategies; iQIYI's future
business development, financial condition and results of
operations; iQIYI's ability to retain and increase the number of
users, members and advertising customers, and expand its service
offerings; competition in the online entertainment industry;
changes in iQIYI's revenues, costs or expenditures; Chinese
governmental policies and regulations relating to the online
entertainment industry, general economic and business conditions
globally and in China and
assumptions underlying or related to any of the foregoing. Further
information regarding these and other risks is included in the
Company's filings with the Securities and Exchange Commission. All
information provided in this press release and in the attachments
is as of the date of the press release, and iQIYI undertakes no
duty to update such information, except as required under
applicable law.
Non-GAAP Financial Measures
To supplement iQIYI's consolidated financial results presented
in accordance with GAAP, iQIYI uses the following non-GAAP
financial measures: non-GAAP operating (loss)/income, non-GAAP
operating (loss)/income margin, non-GAAP net (loss)/income
attributable to iQIYI, non-GAAP diluted net (loss)/income
attributable to iQIYI per ADS and free cash flow. The presentation
of the non-GAAP financial measure is not intended to be considered
in isolation or as a substitute for the financial information
prepared and presented in accordance with GAAP.
iQIYI believes that these non-GAAP financial measures provide
meaningful supplemental information regarding its operating
performance by excluding certain items that may not be indicative
of its business operating results, such as operating performance
excluding non-cash charges or non-operating in nature. The Company
believes that both management and investors benefit from referring
to the non-GAAP financial measures in assessing its performance and
when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management's internal
comparisons to iQIYI's historical operating performance. The
Company believes the non-GAAP financial measures are useful to
investors in allowing for greater transparency with respect to
supplemental information used by management in its financial and
operational decision making. A limitation of using these non-GAAP
financial measures is that the non-GAAP measures exclude certain
items that have been and will continue to be for the foreseeable
future a significant component in the Company's results of
operations. These non-GAAP financial measures presented here may
not be comparable to similarly titled measures presented by other
companies. Other companies may calculate similarly titled measures
differently, limiting their usefulness as comparative measures to
the Company's data.
Non-GAAP operating (loss)/income represents operating
(loss)/income excluding share-based compensation expenses,
amortization and impairment of intangible assets resulting from
business combinations and non-recurring employee severance
costs.
Non-GAAP net (loss)/income attributable to iQIYI, Inc.
represents net (loss)/income attributable to iQIYI, Inc. excluding
share-based compensation expenses, amortization and impairment of
intangible assets resulting from business combinations,
non-recurring employee severance costs, disposal gain or loss,
impairment of long-term investments, fair value change of long-term
investments, adjusted for related income tax effects. iQIYI's share
of equity method investments for these non-GAAP reconciling items,
amortization and impairment of intangible assets not on the
investees' books, accretion of their redeemable non-controlling
interests, and the gain or loss associated with the issuance of
shares by the investees at a price higher or lower than the
carrying value per shares, adjusted for related income tax effects,
are also excluded.
Non-GAAP diluted net (loss)/income per ADS represents diluted
net (loss)/income per ADS calculated by dividing non-GAAP net
(loss)/income attributable to iQIYI, Inc, which is adjusted for
accretion for the redeemable non-controlling interests, by the
weighted average number of ordinary shares expressed in ADS.
Free cash flow represents net cash provided by operating
activities less capital expenditures.
For more information, please contact:
Investor Relations
iQIYI, Inc.
+ 86 10 8264 6585
ir@qiyi.com
iQIYI, INC.
|
Condensed Consolidated Statements of
(Loss)/Income
|
(In RMB thousands,
except for number of shares and per share
data)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
June
30,
|
|
June
30,
|
|
2021
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
RMB
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Membership
services
|
3,992,956
|
|
4,471,475
|
|
4,285,071
|
|
8,304,760
|
|
8,756,546
|
Online advertising
services
|
1,825,333
|
|
1,337,299
|
|
1,193,809
|
|
3,741,917
|
|
2,531,108
|
Content
distribution
|
687,891
|
|
626,116
|
|
479,261
|
|
1,466,949
|
|
1,105,377
|
Others
|
1,102,094
|
|
842,169
|
|
698,408
|
|
2,063,071
|
|
1,540,577
|
Total
revenues
|
7,608,274
|
|
7,277,059
|
|
6,656,549
|
|
15,576,697
|
|
13,933,608
|
|
|
|
|
|
|
|
|
|
|
Operating
costs and expenses:
|
|
|
|
|
|
|
|
|
|
Cost of
revenues
|
(6,868,868)
|
|
(5,963,853)
|
|
(5,247,959)
|
|
(13,978,262)
|
|
(11,211,812)
|
Selling, general and
administrative
|
(1,184,736)
|
|
(744,781)
|
|
(800,602)
|
|
(2,385,720)
|
|
(1,545,383)
|
Research and
development
|
(676,481)
|
|
(475,012)
|
|
(482,201)
|
|
(1,348,737)
|
|
(957,213)
|
Total
operating costs and expenses
|
(8,730,085)
|
|
(7,183,646)
|
|
(6,530,762)
|
|
(17,712,719)
|
|
(13,714,408)
|
Operating
(loss)/income
|
(1,121,811)
|
|
93,413
|
|
125,787
|
|
(2,136,022)
|
|
219,200
|
|
|
|
|
|
|
|
|
|
|
Other
income/(expenses):
|
|
|
|
|
|
|
|
|
|
Interest
income
|
29,231
|
|
8,947
|
|
15,707
|
|
57,800
|
|
24,654
|
Interest
expenses
|
(343,124)
|
|
(175,515)
|
|
(181,907)
|
|
(673,709)
|
|
(357,422)
|
Foreign exchange
gain/(loss), net
|
35,404
|
|
(9,017)
|
|
(98,101)
|
|
22,211
|
|
(107,118)
|
Loss from equity method investments
|
(64,230)
|
|
(3,158)
|
|
(93,690)
|
|
(67,306)
|
|
(96,848)
|
Others, net
|
116,280
|
|
276,076
|
|
67,006
|
|
212,126
|
|
343,082
|
Total other
(expense)/income, net
|
(226,439)
|
|
97,333
|
|
(290,985)
|
|
(448,878)
|
|
(193,652)
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income
before income taxes
|
(1,348,250)
|
|
190,746
|
|
(165,198)
|
|
(2,584,900)
|
|
25,548
|
Income tax
expense
|
(30,418)
|
|
(16,882)
|
|
(36,204)
|
|
(51,031)
|
|
(53,086)
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income
|
(1,378,668)
|
|
173,864
|
|
(201,402)
|
|
(2,635,931)
|
|
(27,538)
|
Less: Net income
attributable to
noncontrolling interests
|
18,559
|
|
4,771
|
|
12,593
|
|
28,306
|
|
17,364
|
Net
(loss)/income attributable to iQIYI, Inc.
|
(1,397,227)
|
|
169,093
|
|
(213,995)
|
|
(2,664,237)
|
|
(44,902)
|
Accretion of
redeemable noncontrolling
interests
|
(4,343)
|
|
-
|
|
-
|
|
(7,537)
|
|
-
|
Net
(loss)/income attributable to ordinary
shareholders
|
(1,401,570)
|
|
169,093
|
|
(213,995)
|
|
(2,671,774)
|
|
(44,902)
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per share for Class A and
Class B ordinary shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.25)
|
|
0.03
|
|
(0.04)
|
|
(0.48)
|
|
(0.01)
|
Diluted
|
(0.25)
|
|
0.03
|
|
(0.04)
|
|
(0.48)
|
|
(0.01)
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per ADS (1 ADS equals 7
Class A ordinary shares):
|
|
|
|
|
|
|
|
|
|
Basic
|
(1.75)
|
|
0.21
|
|
(0.28)
|
|
(3.36)
|
|
(0.07)
|
Diluted
|
(1.75)
|
|
0.21
|
|
(0.28)
|
|
(3.36)
|
|
(0.07)
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of Class A and
Class B ordinary shares used in net loss per
share computation:
|
|
|
|
|
|
|
|
|
|
Basic
|
5,569,531,698
|
|
5,706,290,530
|
|
6,074,616,616
|
|
5,548,245,034
|
|
5,891,471,047
|
Diluted
|
5,569,531,698
|
|
5,742,801,024
|
|
6,074,616,616
|
|
5,548,245,034
|
|
5,891,471,047
|
iQIYI, INC.
|
Condensed Consolidated Balance
Sheets
|
(In RMB thousands, except for number of shares and
per share data)
|
|
|
|
|
|
|
|
|
December
31,
|
|
June
30,
|
|
|
|
2021
|
|
2022
|
|
|
|
RMB
|
|
RMB
|
|
|
|
|
|
(Unaudited)
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
2,997,212
|
|
2,923,178
|
|
Restricted
cash
|
|
77,652
|
|
96,206
|
|
Short-term
investments
|
|
1,348,255
|
|
1,890,542
|
|
Accounts receivable,
net
|
|
2,747,774
|
|
2,457,691
|
|
Prepayments and other
assets
|
|
3,266,523
|
|
2,124,381
|
|
Amounts due from
related parties
|
|
155,512
|
|
124,573
|
|
Licensed copyrights,
net
|
|
931,189
|
|
796,182
|
|
Total current assets
|
|
11,524,117
|
|
10,412,753
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
Fixed assets,
net
|
|
1,344,784
|
|
1,261,847
|
|
Long-term
investments
|
|
3,035,155
|
|
3,161,746
|
|
Deferred tax assets,
net
|
|
31,351
|
|
30,697
|
|
Licensed copyrights,
net
|
|
7,258,042
|
|
6,783,132
|
|
Intangible assets,
net
|
|
545,305
|
|
478,266
|
|
Produced content,
net
|
|
10,951,078
|
|
12,526,665
|
|
Prepayments and other
assets
|
|
2,905,690
|
|
3,143,657
|
|
Operating lease
assets
|
|
907,297
|
|
838,800
|
|
Goodwill
|
|
3,888,346
|
|
3,888,346
|
|
Amounts due from
related parties
|
|
81,000
|
|
64,000
|
|
Total non-current assets
|
|
30,948,048
|
|
32,177,156
|
|
|
|
|
|
|
|
Total
assets
|
|
42,472,165
|
|
42,589,909
|
|
|
|
|
|
|
|
LIABILITIES,
REDEEMABLE NONCONTROLLING INTERESTS AND SHAREHOLDERS'
EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts and notes
payable
|
|
8,896,460
|
|
6,311,095
|
|
Amounts due to related
parties
|
|
2,634,089
|
|
3,221,675
|
|
Customer advances and
deferred revenue
|
|
3,484,509
|
|
3,662,925
|
|
Convertible senior
notes, current portion
|
|
-
|
|
8,012,749
|
|
Short-term
loans
|
|
4,117,774
|
|
4,064,196
|
|
Operating lease
liabilities, current portion
|
|
171,541
|
|
181,984
|
|
Accrued expenses and
other liabilities
|
|
3,172,097
|
|
2,702,534
|
|
Total current liabilities
|
|
22,476,470
|
|
28,157,158
|
|
Non-current
liabilities:
|
|
|
|
|
|
Convertible senior
notes
|
|
12,652,172
|
|
5,990,335
|
|
Deferred tax
liabilities
|
|
3,127
|
|
2,452
|
|
Amounts due to related
parties
|
|
780,615
|
|
112,411
|
|
Operating lease
liabilities
|
|
625,737
|
|
561,214
|
|
Other non-current
liabilities
|
|
260,931
|
|
1,401,226
|
|
Total non-current liabilities
|
|
14,322,582
|
|
8,067,638
|
|
|
|
|
|
|
|
Total
liabilities
|
|
36,799,052
|
|
36,224,796
|
|
|
|
|
|
|
|
Redeemable
noncontrolling interests
|
|
397,385
|
|
-
|
|
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
|
|
|
|
|
|
|
Class A ordinary
shares
|
|
173
|
|
193
|
|
Class B ordinary
shares
|
|
183
|
|
193
|
|
Additional paid-in
capital
|
|
49,642,014
|
|
50,474,523
|
|
Accumulated
deficit
|
|
(47,163,773)
|
|
(46,407,587)
|
|
Accumulated other
comprehensive income
|
|
2,709,002
|
|
2,205,203
|
|
Non-controlling
interests
|
|
88,129
|
|
92,588
|
|
Total shareholders'
equity
|
|
5,275,728
|
|
6,365,113
|
|
|
|
|
|
|
|
Total liabilities,
redeemable noncontrolling interests and shareholders'
equity
|
|
42,472,165
|
|
42,589,909
|
|
iQIYI, INC.
|
Condensed Consolidated Statements of
Cash Flows
|
(In RMB thousands, except for number of shares and
per share data)
|
|
|
|
|
Three Months
Ended
|
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
|
2021
|
|
2022
|
|
2022
|
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
(Unaudited)
|
|
(Unaudited)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Net cash (used
for)/provided by operating activities
|
(1,425,910)
|
|
(1,167,049)
|
|
47,359
|
|
Net cash provided
by/(used for) investing activities
(1)
|
58,140
|
|
(67,305)
|
|
(652,454)
|
|
Net cash provided
by/(used for) financing activities
|
801,074
|
|
2,046,550
|
|
(333,393)
|
|
Effect of exchange rate
changes on cash, cash equivalents
and restricted cash
|
(92,498)
|
|
(4,284)
|
|
75,096
|
|
Net (decrease)/increase
in cash, cash equivalents and
restricted cash
|
(659,194)
|
|
807,912
|
|
(863,392)
|
|
|
|
|
|
|
|
|
Net cash (used
for)/provided by operating activities
|
(1,425,910)
|
|
(1,167,049)
|
|
47,359
|
|
Less: Capital
expenditures (2)
|
(60,728)
|
|
(51,315)
|
|
(66,005)
|
|
Free cash
flow
|
(1,486,638)
|
|
(1,218,364)
|
|
(18,646)
|
|
|
|
|
|
|
|
|
(1) Net cash
provided by or used for investing activities primarily consists of
net cash flows from investing in debt securities, purchase of
long-term investments and capital expenditures.
|
(2) Capital
expenditures are incurred primarily in connection with leasehold
improvements, computers and servers.
|
iQIYI,
INC.
|
Reconciliations of
Non-GAAP Financial Measures to the Nearest Comparable GAAP
Measures
|
(Amounts in
thousands of Renminbi ("RMB"), except for per ADS information,
unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2021
|
|
2022
|
|
2022
|
|
RMB
|
|
RMB
|
|
RMB
|
|
|
|
|
|
|
Operating
(loss)/income
|
(1,121,811)
|
|
93,413
|
|
125,787
|
Add: Share-based
compensation expenses
|
329,940
|
|
216,644
|
|
201,521
|
Add: Amortization and
impairment of intangible assets(1)
|
12,465
|
|
16,498
|
|
16,498
|
Operating
(loss)/income (non-GAAP)
|
(779,406)
|
|
326,555
|
|
343,806
|
|
|
|
|
|
|
Net (loss)/income
attributable to iQIYI, Inc.
|
(1,397,227)
|
|
169,093
|
|
(213,995)
|
Add: Share-based
compensation expenses
|
329,940
|
|
216,644
|
|
201,521
|
Add: Amortization and
impairment of intangible assets(1)
|
12,465
|
|
16,498
|
|
16,498
|
Add: Disposal
(gain)/loss
|
(44,861)
|
|
(429,916)
|
|
-
|
Add: Impairment of
long-term investments
|
1,849
|
|
182,277
|
|
11,000
|
Add: Fair value
(gain)/loss of long-term investments
|
(8,602)
|
|
(792)
|
|
1,760
|
Add: Reconciling items
on equity method investments
|
31,517
|
|
10,914
|
|
59,615
|
Add: Tax effects on
non-GAAP adjustments(2)
|
9,609
|
|
(2,529)
|
|
1,854
|
Net (loss)/income
attributable to iQIYI, Inc. (non-GAAP)
|
(1,065,310)
|
|
162,189
|
|
78,253
|
|
|
|
|
|
|
Diluted net
(loss)/income per ADS
|
(1.75)
|
|
0.21
|
|
(0.28)
|
Add: Non-GAAP
adjustments to earnings per ADS
|
0.42
|
|
(0.01)
|
|
0.38
|
Diluted net
(loss)/income per ADS (non-GAAP)
|
(1.33)
|
|
0.20
|
|
0.10
|
|
|
|
|
|
|
(1)
This represents amortization and impairment of intangible assets
resulting from business combinations.
|
(2)
This represents tax impact of all relevant non-GAAP
adjustments.
|
View original
content:https://www.prnewswire.com/news-releases/iqiyi-announces-second-quarter-2022-financial-results-301614454.html
SOURCE iQIYI, Inc.